Past year: ▲ 6%(6.93 – 9.25 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
16 July 2015quarterly activities report▲ Good
June quarter and full year: record saleable production of 14.6Mt for the year, Narrabri record 7.7Mt ROM, and Maules Creek declared commercial on 1 July. Met coal price fell to US$75.90/t and the Q3 benchmark settled at US$93/t, 15% lower.
12 May 2015investor presentation● Neutral
Presentation to the BAML conference in Barcelona repeating known facts: Maules Creek over 93% complete at 6.0Mtpa, FY2015 saleable production target 14.5Mt, rising to 23Mt by FY2018. Cites 1,025m shares, market cap A$1.6bn.
17 Apr 2015quarterly activities report▲ Good
March quarter: Maules Creek produced 1.1Mt, running at 6.0Mtpa in March, and was 93% built. Record managed sales of 3.7Mt; Narrabri FY2015 ROM guidance raised to 7.0-7.2Mt. Refinancing completed to July 2019. Q2 met price expected at US$75-80/t.
27 Mar 2015debt financing▲ Good
Financial close reached on the A$1.4bn senior secured facility, with A$1.2bn drawable for general corporate purposes and maturity in July 2019. This completes the refinancing accepted on 12 March.
12 Mar 2015debt financing▲ GoodMajor
Whitehaven accepted a fully underwritten A$1.4bn senior secured bank facility, with A$1.2bn drawable, maturing July 2019. It says terms are better than the facility replaced, with a lower interest rate and more headroom. This delivers on the refinancing flagged in January; still subject to documentation.
30 Jan 2015half year report● Neutral
Repeats the half-year result already reported on 30 Jan: operating EBITDA $52.1m (vs $55.0m), net loss $77.9m, net debt $887.4m. Adds that refinancing of debt facilities is expected to complete in the current half, and over 40 Maules Creek trains railed.
30 Jan 2015half year report▼ Bad
Half-year to December 2014: net loss $77.9m (vs $11.6m), including a $64.9m non-cash write-back of deferred tax after repeal of the mining tax (MRRT). Operating EBITDA $52.1m, revenue down 8% to $371.8m, net debt $887.4m (up from $685.2m). No dividend.
30 Jan 2015investor presentation● Neutral
Slide presentation of the half-year results, repeating known figures: EBITDA $52.1m, costs $63/t, net debt $887.4m, Maules Creek 87% complete. Includes IEA coal demand forecasts; no new company information is visible.
14 Jan 2015quarterly activities report● Neutral
December quarter: sales 2.9Mt, saleable production 2.4Mt, down on the prior year after a Narrabri longwall changeout. Maules Creek produced 94kt, was 87% complete, first sales on 9 January. NEWC averaged US$63.81/t, down 6.7%.
17 Dec 2014production update▲ GoodMajor
First Maules Creek coal has been railed, about three months ahead of schedule, with about 2.5Mt ROM expected to 30 June 2015 and commercial status likely from 1 July. Project cost is expected below the $767m budget; FY2016 operating costs are estimated at A$62/t.
3 Dec 2014investor presentation● Neutral
CEO presentation to the UBS conference covering the company's mines, Maules Creek and Vickery. Notes market capitalisation of A$1.2bn and Farallon at 16.6%. Largely repeats previously known facts.
28 Oct 2014agm notice● Neutral
All four AGM resolutions passed on a poll, each with about 99.7% or more in favour, including the remuneration report, CEO Paul Flynn's rights grant, and re-election of Mark Vaile and Christine McLoughlin.
28 Oct 2014agm notice● Neutral
AGM chairman's address and CEO presentation. Describes a tough year of lower coal prices, but says Maules Creek is months from generating significant cash, with first coal in January. Targets fully absorbed costs below $67/t at full operation. Repeats known facts.
23 Oct 2014production update▲ GoodMajor
First Maules Creek coal is now expected to be railed in January 2015, over two months ahead of the March 2015 plan and within budget. A revised biodiversity plan limits clearing to 15 Feb to 30 April each year, with no milestone impact.
15 Oct 2014quarterly activities report▲ Good
September quarter records: saleable production 3.3Mt (up 40%), ROM 3.5Mt, sales 3.0Mt. Narrabri set records. Maules Creek construction was 68% complete, ahead of schedule and on budget. Thermal prices averaged US$68/t (NEWC), down 6%.
1 Oct 2014admin correction● Neutral
Corrects an August transposition error: Maules Creek opencut measured resources were overstated by 40Mt and indicated understated by 40Mt. Total resources and reserves are unchanged.
22 Sept 2014regulatory community update▲ GoodMajor
NSW planning authorities approved the 100%-owned Vickery project at 4.5Mtpa ROM, resolving a long-running approval thread. Startup is unlikely before Maules Creek reaches 13Mtpa; Whitehaven now plans to seek a joint venture partner. Reserves are 204Mt.
12 Sept 2014agm notice● Neutral
Amended notice of the 28 October 2014 AGM in Sydney, re-lodged. The four resolutions (remuneration report, rights for CEO Paul Flynn, re-election of Vaile and McLoughlin) match the earlier notice; no change is visible in the text.
12 Sept 2014agm notice● Neutral
Notice of the 28 October 2014 AGM in Sydney. Resolutions cover the remuneration report, a rights grant to CEO Paul Flynn, and election of Mark Vaile and Christine McLoughlin as directors.
12 Sept 2014annual report● Neutral
Full 2014 Annual Report lodged, repeating FY2014 results already released: operating EBITDA $90.4m, net loss $38.4m versus $88.7m, net debt $685.2m, costs $69/t. Text adds no new figures; mainly a cover letter plus report.
27 Aug 2014resource reserve update▲ GoodMajor
Resources rise 3.0% to 3,857Mt from 3,743.9Mt, mainly Oaklands (up 128Mt, mostly inferred). Recoverable reserves rise 1Mt to 888Mt and marketable reserves 5Mt to 801Mt after 12Mt of mining, with Maules Creek reserves up about 20Mt.
27 Aug 2014annual report● Neutral
Full annual report for the year to 30 June 2014, with directors' report and financial statements. It notes construction of Maules Creek began during the year; the visible text adds nothing new beyond the results released the same day.
27 Aug 2014annual report● Neutral
Appendix 4E for FY2014: revenue $755.4m (up 21%), net loss $38.4m versus $88.7m the prior year, no dividend. NTA per share about $3.02. AGM set for 28 October 2014.
27 Aug 2014annual report● Neutral
FY2014 results: operating EBITDA $90.4m (up 429%), revenue $755.4m, net loss $38.4m versus $88.7m. Net debt rose to $685.2m from $471.6m to fund Maules Creek, which is over 50% complete; costs fell 9% to $69/t.
27 Aug 2014investor presentation● Neutral
Full-year results presentation repeating the day's announced figures: safety improvement, cost down 9%, record output at three mines, and Maules Creek 55% complete and on time and budget for first coal in March 2015.
20 Aug 2014production update▲ GoodMajor
Open cut mining has started in the Maules Creek box-cut with Whitehaven's own fleet and employees. The project is stated to be on budget and schedule, with first saleable coal railed in March 2015.
15 July 2014director officer appointment● Neutral
Scott Knights, formerly of Peabody Energy, becomes Executive General Manager – Marketing from 18 August 2014, replacing Patrick Markey who resigned. His task is expanding sales of Maules Creek coal.
15 July 2014director officer appointment● Neutral
Non-executive director Philip Christensen resigns to become a partner at Baker & McKenzie. He joined the board with the 2012 Aston merger and chaired the health, safety, environment and community committee.
15 July 2014quarterly activities report▲ Good
FY2014 records: ROM 11.5Mt and saleable 10.3Mt (up 26%), above the May guidance of 10.0–10.2Mt. Narrabri produced 5.659Mt. Maules Creek is over 50% complete, on schedule and budget, with box-cut starting August 2014 and first coal still March 2015.
10 June 2014regulatory community update▼ BadMajor
Maules Creek Community Council has filed a NSW Land and Environment Court action to stop clearing in the mining area until late summer 2014/15; infrastructure works are unaffected. Whitehaven will defend it, citing its approved management plan, and says first coal in March 2015 remains on schedule.
